A Florida pharmaceutical distributor has chosen to adopt XRP as a primary asset for treasury and payments, placing the digital currency at the forefront of a substantial $50 million financing initiative.

Wellgistics Health announced on Thursday that it has secured an equity line of credit aimed at establishing XRP-backed reserves and the necessary infrastructure for real-time payments.

Key Points:

• Wellgistics Health (WGRX) plans to implement XRP to facilitate rapid payments and manage vendor transactions within its pharmacy network.
• The company’s strategy is designed to mitigate banking delays and greatly reduce transaction costs, as XRP facilitates settlement within 3 to 5 seconds.

The integration of blockchain technology will empower the company to handle transactions efficiently across its pharmacy networks, effectively managing vendor payments and providing credit lines that are XRP-backed.

Wellgistics stands out as one of the few U.S. publicly listed firms to actively intertwine XRP within its financial framework. The cryptocurrency promises to eliminate traditional banking delays and minimize settlement costs, which can frequently be a barrier in pharmaceutical supply chains.

The company stated, “We believe that there are certain advantages to integrating XRP and its related infrastructure into its healthcare ecosystem.”

Utilizing XRP, transactions can be settled in just 3 to 5 seconds compared to the 1 to 3 days typically required for ACH or wire transfers. This ensures near-instantaneous settlement among pharmacies, suppliers, and manufacturers. Furthermore, all transactions will be recorded on the XRP Ledger, ensuring real-time compliance, rebate tracking, and auditability.

The credit facility is provided by LDA Capital, based in New York. However, no specific timeline has been revealed for when the XRP-based services will commence.